PNA SLASHES JOBS

Written on the 14 January 2015

PNA SLASHES JOBS PANAUST Limited (ASX: PNA) will cut down its workforce by almost five per cent, resulting in the job losses of 182 employees, with plans to continue on a redundancy streak.

The loss of 182 employees will pass down an annual operating cost reduction of approximately US$15.5 million.

Further to this, staff reductions are expected to occur during the course of the year due to a number of employment contracts expiring and natural attrition rates.

These decisions are the outcome of a recently implemented PNA business efficiency review.

PNA managing director Fred Hess says these decisions will ensure appropriate resourcing for sustainable operations into the future.

"The company is now in an even stronger position to meet the challenges associated with a weaker commodity price environment with all-in sustaining costs at our operations allowing for healthy margins at prevailing prices," says Hess.

"It is always a difficult decision to reduce staff numbers [but] by focusing on improving efficiencies we will maximise the value of our existing operations through enhanced margins and cash flow generation.

"Annual copper in concentrate production at Phu Kham is scheduled to increase by approximately 30 per cent over the next several years with no further project capital required, while the Frieda River Project is expected to sustain PanAust's copper business well beyond the next decade."

PNA's share price was down 8.9 per cent following the announcement at $1.32 per share.



Latest News

AUSTRALIA READY TO DISRUPT GLOBAL CARBON FIBRE MANUFACTURING

AUSTRALIA for the first time has the capacity to produce carbon fibre from scratch and at scale, following the launch...

HONG KONG FUND INVESTS $212.8 MILLION IN G8 EDUCATION

G8 EDUCATION (ASX: GEM) has secured $212.8 million from Hong Kong-based CFCG Investment Partners to pay down debt and...

MERGER DELIVERS THE FINANCIAL GOODS FOR TERRY WHITE

TERRY White Group has posted a solid half-year net profit of $1.3 million amid a period of major transformation fo...

BLUE SKY APPOINTS TWO NEW INDEPENDENT DIRECTORS

BLUE Sky Alternative Investments (ASX: BLA) has appointed two new independent, non-executive directors to its board: ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter